U.S. Commerce Secretary Gary Lock Wraps Up Series of Innovation Forums at Universities Across the Country

Locke to continue discussion on moving ideas from the lab to the marketplace with White House clean energy economy forum Friday

U.S. Commerce Secretary Gary Locke and Commerce’s Office of Innovation and Entrepreneurship at
the Economic Development Administration hosted the final of four regional
innovation forums today at the Georgia Institute of Technology. Since late June,
the department has held forums at the University of Massachusetts, the University of Southern
California, the University of Michigan and now Georgia Tech, each
addressing the role of universities in innovation, economic development, job
creation and commercialization of federally funded research. Together, these
forums build upon a national dialogue Locke began in February when he engaged
university leaders and key stakeholders in a discussion about how the Obama
administration can help move ideas from the lab to the marketplace.

“America is not lacking for
groundbreaking ideas. Nor are we short on entrepreneurs willing to take risks,”
Locke said. “What we need to do is get better at connecting the great ideas to
the great company builders.

“Here in Atlanta, you set
a very high standard for how universities and the private sector can work with
federal research dollars to create businesses and jobs right here in Georgia. Our goal is to make this
high level of performance in technology commercialization the standard
nationwide.”

Following today’s innovation forum, Locke will visit
Suniva, a Georgia-based manufacturer that is advancing ways to make solar
photovoltaic technology more cost-effective. The company’s affiliation with the
Georgia Institute of Technology is an example of how public-private partnerships
can help create and commercialize important new technologies.

The mission of the Department of Commerce, above all, is
to make American businesses more innovative at home and more competitive abroad,
so they can create jobs. To do that, the department is focused on research,
innovation, and a culture of entrepreneurship that values risk-taking and
discovery.

Throughout U.S. history, basic research in
public and private sector research labs has spawned new technologies and
inventions that led to new businesses. And those entrepreneurial businesses have
been important drivers of job creation. Firms less than five years old have
accounted for nearly all net new jobs in America
over the last 30 years. Yet, as a share of gross domestic product, American
federal investment in the physical sciences and engineering research has dropped
by half since 1970.

Since taking office, the president has taken significant
steps to turn around this trend. The Recovery Act included $100 billion to
support groundbreaking innovations in diverse fields, from healthcare IT and
health research to smart grids and high speed trains. Last fall, the president
announced a National Innovation Strategy, which called for doubling the budgets
of agencies including the National Science Foundation, to better support basic
research at our nation's universities. And the president's 2011 budget – while
freezing domestic discretionary spending overall – increases funding for
civilian research and development by $3.7 billion, or nearly six
percent.

At the University of Michigan forum Tuesday, Locke also
announced the members of the National Advisory Council on Innovation and
Entrepreneurship, a group that will support President Obama's innovation
strategy by helping to develop policies that foster entrepreneurship and
identifying new ways to bring great ideas to market. To see the full list of
council members representing businesses from across the country, click here.

Locke will continue to highlight the administration’s
focus on innovation Friday by joining with other top administration officials to
host a Clean Energy Economy Forum with business and community leaders, and state
and local officials from across the country. The discussion, held at the White
House, will focus on strategies to advance the development and commercialization
of new clean energy technologies, support the creation and growth of emerging
industries and small- and medium-sized enterprises, promote exports and train
workers for the clean energy economy.